Financial Instrument Security Technology Services
Over $139B is lost in fraudulent checks each year. FISTS, Inc will greatly reduce check fraud and earn a huge profit doing it.
Each year approximately $139 billion dollars is lost by businesses due to them accepting checks that were later determined to be fraudulent. We have developed a process for inspecting each check and verifying that it is valid. We have been using the process manually with 70 businesses in the greater St. Louis area with non-banks such as Check Cashing, Grocery and Convenience Stores, Gas Stations, etc. 60% of all checks are cashed at non-banks.